Marketing Tips for Yogis - What Do Consumers Care About? | Episode 10

Transcript:

Hello, my name is Toph and welcome back to Consumer Central, where we eliminate blind spots and show you more of your customer journey than you could ever see before.

So no doubt, many of us have been cooped up in our homes or goodness knows where during the quarantine, social distancing, all that kind of fun stuff. And for all you yogis out there, we thought we would do a fun one today focused on the yoga industry. We're all trying to keep our physical health, our mental health, and my guess is that many, many people have started to take up yoga practice. I know a few yoga instructors myself and they've gone online and started teaching their classes to people right in their homes, which is truly interesting and exciting.

So let's take a look. Let's dive in. We did not look at this today through the lens of a specific company, but we just wanted to look at the yoga industry as a whole and right out of the gate we see some interesting things. So we see Manduka right now is winning when it comes to yoga equipment, but companies you've no doubt heard of, Manduka Lululemon, Beyond Yoga, Sweaty Betty, Athleta, is down here. So, great companies, great brands selling great products for the yoga industry.

So we see here 811 questions that people are asking. The most powerful question in the yoga industry is 'what is the best thickness for a yoga mat?'. So what would I do with that data? Well, the first thing I would do today is I would go write content right now that answers that question. And I know exactly what I should write because in this data, I can see all the most powerful keywords and the most powerful questions to write a piece of content around the thickness of yoga mats.

What is also interesting to see is if we scroll down, here's the keywords that we've talked about before. But if we scroll down, we now know who the influencers are that are producing yoga videos. So I would want to go create relationships with the influencers who are producing these videos and also understand that these are the most powerful videos that your target market is watching.

Okay, so let's pop over now and go a little bit deeper into the customer behavior map and we now know exactly what people care about in the awareness phase. What do they care about? They care about tips, how to use things, and posture. Those are the three major topics, hands down that we should be focused on. In the consideration phase, it's all about the benefits of yoga. That's where I want to put my focus. And in decision mode it is about what is the best thing I can buy: best mats, best blocks, best straps, whatever it may be that I need for my yoga journey.

Just on a quick side note, I have to admit, I've done a little yoga myself. Even dipped my toe into hot yoga and one of my favorites, Yoga Nidra, which is all about clearing the mind, getting rid of the noise and focusing only on what matters. 

All right, now we're going to dive into something new today and that is we have added shopping into the customer journey map. And what is interesting here is we can see that as of right now, YogaOutlet and Lululemon are the most aligned right now to the yoga target market. And so what do we mean by that? A couple of things we want to look at. Number one, if I'm thinking about pricing strategy, I can leverage this data now to understand how I should attack the market for all my different yoga products that I sell. And how I would want to attack pricing strategy. And I can also dive in and look at what are the top sellers/what are the hot sellers in this market space that I should be most focused upon. And I can look into these across the entire landscape of yoga. 

And then finally we want to touch on today. I can also look at, with the competitive landscape out there, what is the average product price that people are charging for various products or products as a whole? And what's interesting in the data that we found is looking at, for example YogaOutlet, their average product price across the board is roughly $30, as compared to other folks that are roughly in the $70 - $75 range. I can also take a look at average product ratings. I can look at product reviews. Just a plethora of data that will absolutely no doubt help me figure out ‘how do I take market share?' in this hot market called yoga.

So that's it for today from Consumer Central. Hope you enjoyed it. And again, if there's anything that you would like to see in a specific vertical, please let us know and we will spool up a Consumer Central just for you. Until next time, we'll see you soon.